Latest on Regulation & Reform – Page 400
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News
IASB and FASB convergence edges closer
[16:30 CEST 11-09] GLOBAL – The International Accounting Standards Board (IASB) and US Financial Accounting Standard Board (FASB) have updated their Memorandum of Understanding (MoU) concerning joint projects and likely convergence, and effectively confirmed the US’ move to follow international financial reporting standards (IFRS).
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NewsThird of employers unsure of 2012 response
[15:15 CEST 11-09] UK – The National Association of Pension Funds (NAPF) has warned a third of organisations operating UK occupational schemes do not know what to do with their existing arrangements in response to the UK pension reforms, despite the implementation date being less than four years away.
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NewsSwiss study suggests change to pension age and VAT
[16:45 CEST 10-09] SWITZERLAND – A study produced by the Swiss social ministry has recommended raising the VAT rate and getting rid of the statutory retirement age could help the Swiss pension system to remain sustainable.
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NewsAnti-fraud guidance unveiled on Dutch real estate
[13:30 CEST 10-09] NETHERLANDS – The Dutch Association of Institutional Property Investors (IVBN) has extended its earlier framework to prevent fraud in institutional real estate investment, as the second Dutch pension fund to be hit in the ‘bouwfraude’ case continues its internal probe.
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News
EC finally consults on pensions impact of Solvency II (amended)
[17:05 CEST 09-09] EUROPE – The European Commission has issued a consultation paper asking the fundamental, yet controversial, questions concerning the competition and cost implications of requiring pension funds to meet the same requirements as insurers under the Solvency II directive.
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NewsNorway excludes Rio Tinto over environmental damage
[13:30 CEST 09-09] NORWAY – The Norwegian Government Pension Fund – Global has withdrawn NOK4.84bn (€604m) investment from Rio Tinto over concerns it is causing "severe environmental damage" through a joint mining operation in Indonesia.
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News
Irish Bill to stop pensions investment in cluster bombs
[13:00 CEST 09-09] IRELAND – The Irish government has drafted a new Bill on investment in munitions such as cluster bombs that will specifically change the investment policy of the National Pension Reserve Fund (NPRF).
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News
Brinkman foresees Optas agreement
[11:00 CEST 09-09] NETHERLANDS – Elco Brinkman, the exiting chairman of the Dutch teachers and civil servants pension fund ABP, will continue his mediation in the Optas case and may deliver his a conclusion within the next four weeks.
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NewsUCITS III 'heading for mid-life crisis'
GLOBAL – The investment industry is calling for next generation UCITS IV structures as the credit crunch is hindering the short-term growth of Undertakings in Collective Investments and Securities (UCITS) funds, suggests a survey by Create-Research.
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NewsEuropean investors excluded from US class action
[14:15 CEST 08-09] EUROPE – A US federal judge has ruled institutional investors in France, the Netherlands and UK should be wholly or partially excluded from a US class action against French transportation manufacturer Alstom SA.
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News
Polish payout bills get first reading
POLAND – Two bills intended to complete Poland's pension reform had their first reading in the Polish Parliament on Friday and will now be passed to the parliamentary social insurance committee.
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News
Reforms to close two-thirds of small firm pensions
[15:15 CEST 05-09] UK – Over 60% of small employers believe the introduction of personal accounts and auto-enrolment will lead to an increase in the closure of existing schemes, according to the Association of Consulting Actuaries (ACA).
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News
Governance statement is 'tick-box exercise'
[16:50 CEST 04-09] UK – The Governance Compliance Statement proposed by the Department of Communities and Local Government (CLG) is likely to become “a simple tick-box exercise” for pension schemes, according to consultancy firm Mercer.
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News
SWFs agree governance and investment rules
[16:45 CEST 04-09] GLOBAL – The Sovereign Wealth Funds (SWF) International Working Group (IWG) has reached a "preliminary agreement" on a set of voluntary practices and principles to be presented to the International Monetary Fund (IMF) in October.
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News
Iceland pension amendments delayed
[16:40 CEST 01-09] ICELAND – Proposed legislation from the Icelandic Ministry of Finance has been delayed which should have introduced amendments to the Pensions Act, including the transfer of benefits to spouses and ex-partners.
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News
Greek dividends and investments face 10% tax
[16:00 CEST 01-09] CEST GREECE – The Greek government has announced plans to impose a 10% tax on dividends and a similar capital gains tax (CGT) from the start of 2009, but it’s a move which will also catch both local and foreign domiciled pension funds.
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News
Dutch encouraged to postpone state pension with higher payout
[15:45 CEST 01-09] NETHERLANDS - Dutch citizens are being offered the opportunity to postpone their state pension AOW by a maximum of five years in return for a higher benefit payout.
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FeaturesImplementing personal accounts
Liam Kennedy spoke to Paul Myners, chairman of PADA, about default options, charges and implementing best practice for the new personal accounts system
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News
Abolition of pensions divorce limits delayed six months
[16:10 CEST 29-08] UK – Restrictions imposed on people who receive part of their ex-partners pension benefits following a divorce will be removed from April 2009 - at a delay of six months - the government has confirmed.
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News
Romanian regulator warns BT Aegon over pensions marketing
ROMANIA – The Comisia de Supraveghere a Sistemului de Pensii Private (CSSPP), the regulator for private pensions, has issued a written warning to the BT Aegon Fond de Pensii S.A for failing to inform the regulator about the "illegal actions of their sales force".
